Prioritizing Hiring and Expansion; Metaverse Potential Underutilized: ConsenSys

New Delhi: Blockchain solution provider ConsenSys is a leading developer of decentralized software and application services running on the Ethereum blockchain.

Founded in early 2015, the Brooklyn -based company is involved with MetaMask, an Ethereum wallet app that allows users to store and transfer cryptocurrencies and tokens.

The company raised funds. Most recently, it raised $ 450 million by funding it in Series D, bringing ConsenSys ’valuation to more than $ 7 billion.

In an exclusive interview with Etmarkets.com, Joseph Lubin, Founder and CEO of ConsenSys, said the funds will be used for two main purposes: expanding MetaMask and hiring skilled talent around the world.

“The fund supports the rapid expansion of MetaMask with a major redesign scheduled to be released later in 2022, as well as the deployment of a plugin extension system that will be able to integrate a wide variety of blockchain protocols and account security methods, ”he added. .

ConsenSys also aims to accelerate the global adoption of the Infura developer tool and push the adoption of NFT for artists, content creators, brands, intellectual property owners, game publishers, and game publishers.

“Hiring is also a big priority,” Lubin said. “We are recruiting talent from all over the world, including India. In March 2022 alone, we hired 70 new talent bringing the number of ConsenSys employees to 776.

ConsenSys is one of the players voting for regulatory clarity to protect consumers and strengthen market integrity while creating a vibrant ecosystem where innovation can thrive.

The current environment serves purposes, but is not suitable for a disintermediated system because the framework to achieve the objectives is designed for an intermediate system, a company spokesperson said.

Speaking about cryptonet security, David Shuttleworth, DeFi Economist at ConsenSys, said, “We need to keep in mind that MetaMask is non-custodial software that runs on users’ devices, much like a web browser.”

Like the physical wallet in an individual’s back pocket, MetaMask has no access to user funds. It is the responsibility of the wallet owner to never share their recovery secret word with anyone, he added.

ConsenSys claims to have several partnerships with security firms and anti-phishing firms working to target scammers, and investigations are ongoing into various groups of identified scammer.

Last month, the crypto world was rocked by one of the biggest hacks in Web3 history with an estimated $ 625 million exploiting Ronin, the blockchain for the most popular play-to-earn game. Axie Infinity.

Axie developer Sky Mavis announced in a blog post that the exploitation resulted in the loss of more than 173,600 Ether and 25.5 million USD coins, a U.S. dollar-pegged stablecoin, in total value more than $ 625 million at the time.

However, crypto exchange Binance recovered $ 5.8 million in stolen funds from the previous Axie Infinity exploit last month, CoinDesk reported.

“We provide the ability to connect external hardware wallets for added security for people who keep a lot of funds in their wallet. We recommend using a hardware wallet,” Shuttleworth said.

According to experts, the best steps a person can take after a theft is to immediately notify law enforcement and monitor where the funds are being transferred to Etherscan or a similar block explorer.

If funds are transferred through a centralized exchange, the exchange could intervene, freeze the funds and launch an investigation. Most exchanges require a law enforcement email to begin this process.

We continue to ask everyone to be careful in sharing information about their wallet and never share their recovery passphrase with anyone. We invite everyone to join and make Web3 less scam-friendly. Web3 belongs to everyone and we should all try to protect each other, Shuttleworth added.

Bridging is a much more technical and complex area of ​​Web3. Most of the bridge protocols are relatively new, and the sub-industry as a whole is still in the early stages of development.

Shuttleworth believes there are not enough space auditing and security experts to prevent major protocol scams. “As this specialty area grows and more talent enters the space, better security standards, not just for bridges, but for Web3 in general, will become available”, he added.

Like other market experts, Shuttleworth supports the Metaverse, whose potential and usefulness have yet to be realized. Most of its benefits are only discussed in an abstract way, with very few actual use cases, he said.

“The version of the metaverse we see today is the same basic infrastructure and foundation. Builders will continue to innovate, and stronger projects with better designs, more tools and bigger that tool will continue to come out blending the reality of Web3, ”he said.

Aside from the metaverse, ConsenSys is very strong on the subject of NFT. “An emerging theme in the crypto space is NFT functionality. Popular collections like Crypto Punks and Bored Apes Yacht Club continue to increase in value, ”he added.

One problem is that this amount is locked into the NFT, so users have to sell their NFT to access its liquidity, Shuttleworth said. “New DeFi NFT primitives have emerged that allow users to open up their NFT amount without selling it, such as unsecured debt positions and collateralized loans.”

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